Sterling struggles continue as gas crisis and structural issues weigh

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Sterling struggles to recover amid gas crisis and structural issues

0704 GMT – The pound is struggling to rally significantly even as markets raise expectations for an interest rate hike for the Bank of England, Commerzbank said. “One of the reasons for this is probably that the gas crisis is also affecting the UK,” Esther Reichelt, a currency analyst at Commerzbank, explained in a note. “Additionally, the pound is affected by structural issues.” The effects of Brexit have not been overcome and the British Conservative Party leadership race and resulting uncertainties over fiscal policy carry additional risks, Reichelt said. GBP/USD rises 0.1% to 1.1719 and EUR/GBP falls 0.1% to 0.8531. ([email protected])

 
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Contact: London NewsPlus; [email protected]

(END) Dow Jones Newswire

August 30, 2022 03:21 ET (07:21 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.


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